IGCSE Business Studies - 1.5 Objectives and Stakeholders Flashcard

Front

Why do businesses need objectives?

Back

To provide a clear direction and focus for the business

Front

Which of the following is an example of a financial objective for a business? Providing high-quality goods, Reducing environmental impact, Increasing profits by 15%, Gaining customer loyalty

Back

Increasing profits by 15%

Front

A business that is focused on surviving an economic recession is most likely to have which objective?

Back

Survival

Front

Market share is defined as:

Back

The percentage of total sales in a market earned by a business

Front

Why might the importance of a business’s objectives change over time?

Back

Changes in stakeholder preferences, The business achieves some of its original objectives, New challenges or opportunities arise.

Front

Which of the following is a likely objective for a new business? Increasing market share, Survival, Entering international markets, Profit maximization

Back

Survival

Front

Growth as a business objective typically means:

Back

Expanding sales, revenue, or the size of the business

Front

A social enterprise is primarily focused on: Maximizing profits for shareholders, Gaining market dominance, Expanding globally

Back

Achieving social, environmental, or community objectives

Front

An example of a social enterprise objective is: Gaining 20% market share, Employing local disadvantaged groups, Launching new luxury products, Reducing employee training costs

Back

Employing local disadvantaged groups

Front

Which of the following objectives is most relevant to an environmental non-profit social enterprise?
Profit maximization,
Market expansion,
Promoting sustainable practices,
Offering competitive salaries

Back

Promoting sustainable practices